Can we get bailed out too, or nah?

Back in 2012, I spent about 8 months on a consulting project reviewing mortgage loan documents. The purpose of the review was to verify whether or not the bank I was working on, illegally foreclosed on homeowners between 1/1/08 and 12/31/11. Long story short, the review ended after a year of throwing large sums of money at consulting firms and paying for meals and hotels for consultants. In essence, the financial institutions that caused the recession received unlimited access to our tax dollars as a bailout, while homeowners got a year-long review to see if they were financially harmed as a result of their foreclosure.

And FYI, The Home Affordable Modification Program (HAMP) was voluntary for the servicers and thus failed to actually help the borrowers. Most mortgage servicers would not even consider it as an option unless the borrower misses multiple payments and racked up fees and dings to their credit score. Even then, most were denied… hence the over 9 million foreclosures.